1. Introduction
Welcome to Sterra Bank ("Bank", "we", "us", or "our"). These Terms of Service ("Terms") govern your access to and use of our digital banking services, including our website, mobile applications, and any products, services, content, and functionality offered on or through our platform (collectively, the "Services").
By accessing or using our Services, you agree to be bound by these Terms and all applicable laws and regulations. If you do not agree with any part of these Terms, you must not use our Services.
Important: These Terms contain important information about your legal rights, remedies, and obligations. Please read them carefully before using our Services.
2. Account Agreement
2.1 Account Opening
To use our banking services, you must open an account with Sterra Bank. By applying for an account, you represent and warrant that:
- You are at least 18 years of age (or the age of majority in your jurisdiction)
- All information you provide is accurate, current, and complete
- You are opening the account for personal, family, or household purposes
- You are not opening the account on behalf of someone else without proper authorization
2.2 Account Types
Sterra Bank offers various account types including but not limited to:
| Account Type | Description | Minimum Balance | APY* |
|---|---|---|---|
| Sterling Checking | Basic checking account with debit card access | $25 | 0.10% |
| Premium Savings | High-yield savings account with tiered rates | $100 | 3.50% |
| Money Market | Combined checking/savings with check writing | $2,500 | 2.75% |
| Certificates of Deposit | Time deposits with fixed terms and rates | $1,000 | 4.00%-5.25% |
*Annual Percentage Yield as of last update. Rates subject to change.
2.3 Account Verification
We may require additional information to verify your identity before opening your account or processing transactions. This may include requesting copies of government-issued identification, proof of address, or other documentation.
3. Electronic Communications
By opening an account with Sterra Bank, you consent to receive all communications from us electronically, including:
- Account statements and transaction history
- Notices about your account activity
- Changes to these Terms or other policies
- Tax documents and regulatory disclosures
- Marketing communications (you may opt out)
You are responsible for ensuring we have your current email address and mobile number. Failure to receive electronic communications because of outdated contact information does not relieve you of your obligations under these Terms.
3.1 Electronic Signatures
You agree that your electronic signature has the same legal effect as a manual signature. This includes clicking "I Agree" buttons, using touchscreen signatures, or other electronic indications of agreement.
4. Account Use & Security
4.1 Authorized Users
You are responsible for all activity on your account, whether authorized by you or not. You must:
- Keep your login credentials confidential
- Notify us immediately of any unauthorized access
- Use strong, unique passwords and enable two-factor authentication
- Log out after each session, especially on shared devices
4.2 Prohibited Activities
You agree not to use our Services for any unlawful or prohibited purpose, including:
- Money laundering or terrorist financing
- Fraudulent or deceptive practices
- Violating any law, statute, or regulation
- Infringing on intellectual property rights
- Attempting to gain unauthorized access to our systems
- Interfering with other customers' use of our Services
Security Notice: We may suspend or terminate your account if we suspect unauthorized or illegal activity. You must cooperate with any investigation and promptly notify us of any security breaches.
5. Deposits & Withdrawals
5.1 Deposit Availability
Our general funds availability policy is as follows:
- Electronic deposits: Generally available on the same business day
- Check deposits: First $200 available next business day, remainder available on second business day
- Cash deposits: Available immediately at supported locations
- Large deposits (>$5,000): May be subject to extended holds
5.2 Withdrawal Limits
For security reasons, we impose the following withdrawal limits:
| Transaction Type | Daily Limit | Monthly Limit |
|---|---|---|
| ATM Withdrawals | $1,000 | $10,000 |
| Debit Card Purchases | $5,000 | $25,000 |
| ACH Transfers Out | $10,000 | $50,000 |
| Wire Transfers | $25,000 | $100,000 |
Higher limits may be available for qualified customers upon request and additional verification.
6. Fees & Charges
Sterra Bank strives to maintain transparent and competitive fee structures. The following table outlines our most common fees:
| Service | Fee | Waiver Conditions |
|---|---|---|
| Monthly Maintenance (Checking) | $10 | Minimum $1,000 daily balance or $500 direct deposit |
| Out-of-Network ATM | $2.50 | None |
| Overdraft/NSF | $35 | Linked overdraft protection |
| Domestic Wire Transfer | $25 outgoing, $15 incoming | Premium account holders |
| International Wire Transfer | $45 outgoing, $15 incoming | None |
| Stop Payment | $30 | None |
| Paper Statements | $5 per statement | Electronic statements only |
A complete fee schedule is provided during account opening and is available at any time through our online banking platform. Fees are subject to change with 30 days' notice.
7. Dispute Resolution
7.1 Error Resolution
If you believe there is an error on your account statement or an unauthorized transaction, you must notify us immediately but no later than 60 days after the statement containing the error was made available to you.
7.2 Arbitration Agreement
Any dispute, claim, or controversy arising out of or relating to these Terms or your use of our Services shall be resolved by binding arbitration, rather than in court, except that you may assert claims in small claims court if your claims qualify.
The arbitration will be conducted by the American Arbitration Association (AAA) under its Consumer Arbitration Rules. The arbitrator's decision will be final and binding.
Class Action Waiver: You and Sterra Bank agree that each may bring claims against the other only in your or its individual capacity, and not as a plaintiff or class member in any purported class or representative proceeding.
8. Limitation of Liability
To the maximum extent permitted by law, Sterra Bank shall not be liable for:
- Any indirect, incidental, special, consequential, or exemplary damages
- Loss of profits, goodwill, use, data, or other intangible losses
- Damages resulting from unauthorized access to or alteration of your transmissions or data
- Statements or conduct of any third party on the service
- Any other matter relating to the service
Our total cumulative liability to you for all claims arising from or related to these Terms or your use of our Services shall not exceed the greater of (a) the fees you paid to us in the 12 months preceding the claim, or (b) $500.
Some jurisdictions do not allow the exclusion or limitation of liability for consequential or incidental damages, so the above limitation may not apply to you.
9. Changes to Terms
We may modify these Terms at any time in our sole discretion. If we make material changes, we will notify you through our Services, by email, or by other reasonable means at least 30 days before the changes take effect.
Your continued use of our Services after any modification to these Terms constitutes your acceptance of the modified Terms. If you do not agree to the modified Terms, you must close your account and stop using our Services.
10. Governing Law
These Terms and your use of our Services shall be governed by and construed in accordance with the laws of the State of Maryland, without regard to its conflict of law provisions.
Any legal suit, action, or proceeding arising out of or related to these Terms or the Services shall be instituted exclusively in the federal or state courts located in Baltimore, Maryland, although we retain the right to bring any suit, action, or proceeding against you for breach of these Terms in your country of residence or any other relevant country.
11. Contact Us
If you have any questions about these Terms, please contact us:
- By email: legal@sterrabank.com
- By phone: (410)-514-7825
- By mail: 2065 Columbia Boulevard, Dorrs Corner, Maryland 21108
For account-specific inquiries or customer service issues, please contact our support team through your online banking portal or at support@sterrabank.com.
